No person or corporation, or any employee, officer, agent, subsidiary, or affiliate thereof, shall have more than three licenses, nor be directly or indirectly interested in any business of any other person or corporation, or of any employee, officer, agent, subsidiary, or affiliate thereof, to sell intoxicating liquor, at retail by the drink for consumption on the premises described in any license, nor shall any intoxicating liquor be sold at retail by the drink for consumption at the place of sale at more than three places in this state, by any person or corporation, or by any employee, officer, agent, subsidiary, or affiliate thereof, except that, notwithstanding any other provision of this chapter or municipal ordinance to the contrary, in determining whether any person, corporation, or any employee, officer, agent, subsidiary, or affiliate thereof, has a disqualifying interest in more than three licenses, there shall not be counted any license to sell intoxicating liquor at retail by the drink for consumption on premises which include a restaurant at least fifty percent of the gross income of which is derived from the sale of prepared meals or food consumed on premises where sold or which has an annual gross income of at least two hundred thousand dollars from the sale of prepared meals or food consumed on premises where sold, or which include a facility for the performance of live entertainment and where the receipts for admission to such performances exceed one hundred thousand dollars per calendar year.

(RSMo 1939 § 4907, A.L. 1971 S.B. 18, A.L. 1990 H.B. 1180, A.L. 1995 S.B. 43)